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Panama operates what is known as an open registry.
"Those who don't like the open registry can opt to do something else with their ships".
They established voluntary codes of ethics (Check 2006; BIOSINT, 2015), established an open registry of standard biological parts (iGEM 2017; Galdzicki et al. 2014) as early as 2005.
And companies had to maintain an open registry of their securities, so that it could be determined exactly what was outstanding, and give 30 days' notice of new issues.
An open registry was maintained with restricted line breeding.
The closely related term open registry is used to describe an organization that will register ships owned by foreign entities.
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There are good and bad national registries, just as there are good and bad open registries.
But delinquency is too easy with open registries, when owners can slip away, unpunished and unaccountable.
Open registries, the organizations that register ships owned by foreign entities, came into being because national registries were not doing their jobs properly.
The average ship can have a flag from one country (60% of ships now fly flags from "open registries", a polite term for flags of convenience), an owner from another, plus a crew of at least five nationalities.
Open registries, or flags of convenience, allow owners to pay fees to a foreign state, fly its flags and then be governed by the laws of that state while on the high seas.
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